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Investing.com - TD Cowen has lowered its price target on Novo Nordisk (NYSE:NVO) to $70.00 from $105.00 while maintaining a Buy rating on the stock. The new target sits within the broader analyst range of $49.89 to $90.00, with the company currently trading at a PEG ratio of 0.57, suggesting attractive valuation relative to growth.
The firm’s decision follows a meeting with Novo Nordisk leadership last week, where management discussed both challenges and opportunities facing the company.
According to TD Cowen, Novo Nordisk management expressed enthusiasm about opportunities in the oral semaglutide obesity market, which is expected to benefit from enhanced cash payment options.
The research firm noted that Novo Nordisk’s current GLP-1 portfolio faces headwinds, but the company’s guidance now accounts for potential downside scenarios, and management is "not interested in a race to the bottom on price."
TD Cowen indicated that its updated price target reflects current risks to the business, while acknowledging that the company’s pipeline "may yet answer the call."
In other recent news, Novo Nordisk has received approval from Canada’s health regulator for its diabetes drug, Ozempic, to be used in reducing the risk of kidney failure and disease progression in diabetes patients with chronic kidney disease. This approval also includes reducing the risk of death due to heart problems. In a separate development, Novo Nordisk has partnered with GoodRx to offer Ozempic and Wegovy at a reduced price of $499 per month for eligible self-paying patients, available at over 70,000 retail pharmacies nationwide. Additionally, BMO Capital has maintained its Market Perform rating for Novo Nordisk following the company’s label expansion for Wegovy to treat F2 and F3 MASH patients. BNP Paribas (OTC:BNPQY) Exane has upgraded Novo Nordisk’s stock from Underperform to Neutral, adjusting its sales and earnings forecasts for the company. Meanwhile, HSBC has increased its price target for Novo Nordisk to DKK355, maintaining a Hold rating on the stock. These developments highlight significant progress and strategic adjustments for Novo Nordisk in the pharmaceutical market.
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